UPDATE: Northcoast Research Upgrades Lyft (LYFT) to Buy

Northcoast Research analyst John Healy upgraded Lyft (NASDAQ: LYFT) from Neutral to Buy with a price target of $65.00.

The analyst comments "We are upgrading shares of Lyft to BUY and establishing a price target of $65. We view shares of Lyft as a re-opening play and continue to view the company favorably due to their pure-play status on mobility and presence in North America. With the shares up only 5% on a YTD basis due to some near-term items associated with driver supply and the pace of Pandemic re- emergence, we see the entry point as attractive. When looking to 2022, we are encouraged by NT profitability achievements and believe the company’s LT path of share gains will continue. Additionally, we view recent movements with automakers and technology counterparts regarding mobility relationships as supportive to the view that Lyft could ultimately become a piece of a larger approach to mobility driven by tech giants or auto manufacturers."

For an analyst ratings summary and ratings history on Lyft click here. For more ratings news on Lyft click here.

Shares of Lyft closed at $53.91 yesterday.

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